Solvay to sell its stake in Vinythai to AGC Asahi Glass
December 14 2016 - 1:00AM
Brussels, December 14, 2016 ---
Solvay has signed a definitive agreement to sell its 58.77 percent
stake in its Thai subsidiary Vinythai PCL to Japanese company AGC
Asahi Glass (AGC), thereby exiting its Asian polyvinyl chloride
(PVC) activities.
The transaction is based on a
total enterprise value of 16.5 billion Thai Baht (€ 435 million),
representing a multiple of 8x mid-cycle EBITDA. Completion of the
transaction is subject to customary closing conditions, including
antitrust approvals, and is expected in the first half of 2017.
"This agreement
follows Solvay's earlier sale of the European PVC business and the
upcoming completion of the divestment of its Brazilian PVC
activities. These transactions represent a significant milestone in
the Group's transformation towards a multi-specialty chemical
group," said Vincent De Cuyper, member of Solvay's Executive
Committee.
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An international chemical
and advanced materials company, Solvay assists its customers in
innovating, developing and delivering high-value, sustainable
products and solutions which consume less energy and reduce
CO2 emissions,
optimize the use of resources and improve the quality of life.
Solvay serves diversified global end markets, including automotive
and aerospace, consumer goods and healthcare, energy and
environment, electricity and electronics, building and construction
as well as industrial applications. Solvay is headquartered in
Brussels with about 30,900 employees spread across 53 countries. It
generated pro forma net sales of € 12.4 billion in 2015,
with 90% made from activities where it ranks among the world's top
3 players. Solvay SA (SOLB.BE) is listed on
Euronext in Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLB.BR).
Vinythai operates Solvay's state-of-the-art chlorovinyls technology
and is a key player in the Southeast Asian market. With 450
employees, it had net sales of € 436 million in 2015. It is
listed on the Stock Exchange of Thailand. |
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information contained therein.
Source: Solvay S.A. via Globenewswire
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